Last checked at 30 Sep 2011 07:00
SEGRO signs two further pre-let developments in Poland
SEGRO, Europe's leading industrial REIT, is pleased to announce that it has signed two further pre-let developments in Poland which in aggregate total 39,300 sq m (423,000 sq ft) of logistics warehousing space.
In Gliwice, in the south of Poland, SEGRO has agreed to develop a new 31,700 sq m (341,200 sq ft) distribution facility for a major retailer who will occupy the new facility under a 28 year lease. SEGRO will begin construction of the project in October, subject to planning, and expects to complete the development in Q3 2012.
In addition, in an extension to SEGRO's successful Tulipan Park development in Lodz, it is constructing a 7,600 sq m (81,800 sq ft) centralised country-wide sorting hub for the Polish courier company, Opek. Opek has signed a 15 year lease and construction on this development, subject to planning, will begin in Q4. The project is currently scheduled for completion in Q3 2012.
Following these transactions, SEGRO's group-wide current pipeline of contracted and under construction developments now totals 25 projects comprising an aggregate of 256,000 sq m (2,755,600 sq ft) and representing circa £200 million of capital expenditure and £23 million of annualised rental income, of which 75 per cent is pre-let.
Commenting David Sleath, SEGRO's Chief Executive, said:
"We are delighted to have secured these deals which are part of our continuing focus on expanding our development pipeline and growing our income stream. They show there is still good demand for build-to-suit projects on well located development sites in our core markets."
For further information please contact:
SEGRO +44 (0)7702 910 149 Alex Shorland-Ball Tulchan Communications +44 (0)20 7353 4200 John Sunnucks/David Shriver
About SEGRO:
SEGRO is Europe's leading developer and owner of industrial space. The Group is a Real Estate Investment Trust (REIT), listed on the London Stock Exchange. SEGRO's portfolio comprises £5.4 billion of predominantly industrial and warehouse assets concentrated in and around major business centres and transportation hubs such as ports, airports and motorway intersections. The Group serves over 1,600 customers spread across many geographies and different industry sectors. It has 5.5 million sq m of built space and a passing rent roll of £340 million (as at 30 June 2011).
In Poland, SEGRO has 486,100 sq m of built space. Its portfolio consists of predominantly big box logistics warehousing space, concentrated around the key areas of Warsaw, Silesia, Poznan and Lodz/Strykow. As at 30 June 2011, the vacancy rate in Poland, by ERV, was 3.4%.
For further information see www.SEGRO.com
XLON